FICCI launches initiatives to promote India-UK trade and investment

In a move to boost UK exports to India, the industry body announced the 'UKThat' Portal, which will create a marketplace for manufacturing and services industries and offshore traders of all goods and services to promote their products to international clients in India.

A series of initiatives to promote trade and investment between India and Britain was unveiled here by the Indian High Commission and traders' body the Federation of Indian Chambers of Commerce and Industry (FICCI).

The UK-India Technology and Talent Exchange Programme, dubbed TechXChange, is aimed at providing support to the best start-ups in both countries.

"It follows from the technology exchange programme that has been signed between the two countries in presence of the Prime Ministers (Narendra Modi and Theresa May).

"This is an attempt to really give it some shape, some serious framework to make this actually happen between India and the UK,” said Sunil Parekh, FICCI's Member of the National Executive Committee and Chair of the Sub-Committee on Start-ups, at the two-day UK-India Leadership Conclave which concluded yesterday.

In a move to boost UK exports to India, the industry body announced the 'UKThat' Portal, which will create a marketplace for manufacturing and services industries and offshore traders of all goods and services to promote their products to international clients in India.

"FICCI seeks to provide an easy way for Indian importers to quote and purchase from UK businesses without third parties or intermediaries, in complete transparent and secure transactions," it said in a statement.

The industry body also unveiled plans to sign an agreement with Gibraltar-based fund manager Red Ribbon to create the Gibraltar-India Business Council, with the aim of promoting investments between India and the overseas British territory of Gibraltar.

"Gibraltar is an international finance centre and the objective of this Business Council is to promote trade between Gibraltar and India and also to promote Gibraltar as a gateway for investment into the UK," said Suchit Punnose, CEO of Red Ribbon.

As the final announcement to conclude the conclave as part of UK-India Week 2018, FICCI, the Indian High Commission and Indian Professionals' Forum launched the Global Indian Professional Leaders' Summit, a joint partnership between India and the UK to celebrate leadership in both countries.

The first edition of the summit will take place in India in 2019, and then in the UK the following year.

Manoj Ladwa, Founder of UK-India Week, said: "The announcements that have been made and facilitated by FICCI are unique and transformational in many ways.

"That India is also concerned about UK exports, shows friendship, and that sums up the theme of this conclave – Global Britain meets Global India.